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Everton takeover update as Crystal Palace owner WITHDRAWS from race but crisis club considering new £600m rescue package
New contenders have emerged following the collapse of 777 Partners' bid
EVERTON have suffered another huge blow after Crystal Palace owner John Textor withdrew from the £600million takeover race.
The American businessman is understood to be concerned over the Toffees’ chaotic sales process and has ended talks with the Merseyside club’s majority owner Farhad Moshiri.
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Textor had been willing to offload his 45 per cent Palace stake in order to comply with Premier League rules preventing dual ownership, but believed other bidders were being treated more favourably.
He had been attempting to sell his Palace shares since engaging American bank the Raine Group in February.
Talks over selling to Palace chairman Steve Parish and fellow shareholders Josh Harris and Josh Blitzer have now also stalled.
Relations between Textor and the rest of the Palace board have become strained as he is frustrated at his lack of influence despite being the biggest shareholder.
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But Textor’s Goodison withdrawal leaves Moshiri desperately scrambling to find a buyer.
He is now considering a £600m rescue package with Advantage Capital Holdings (A-Cap) that could stop Everton going into administration.
But there are doubts the American company have the funds to finance their offer, following reports they have already loaned almost £200m to Miami-based investment firm 777 Partners, whose own Everton bid has collapsed.
A-Cap have also been dragged into a New York court case involving allegations of fraud against 777.
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Leadenhall Capital Partners filed a lawsuit against 777 Partners and its co-founders, alleging they pledged collateral assets that did not exist or were double-pledged and also claimed A-Cap was propping up 777.
Yet A-Cap claim they are putting together a rescue plan to wipe out the Toffees debts.
The club owes £225m to Rights and Media Funding, £158m to MSP Sports Capital and £20m to Metro Bank.
There is also £200m outstanding to 777, who began lending the cash to Everton to keep the club running during the eight months before their bid to become new £500m owners collapsed on May 31.
Most of that money is understood to have been provided by A-Cap who claim they can end the Goodison debt crisis.
They say they would also throw in a further £200m to complete the £760m construction of Everton’s new Bramley-Moore Dock stadium.
Unless Moshiri finds new investors or opens the doors to a fire sale of stars such as Jarrad Branthwaite, Dominic Calvert-Lewin and Amadou Onana, his club could go into administration.
Everton also need money by the end of the financial year on June 30, or face more points deductions after losing eight last season for breaking Prem profit and sustainability rules.
Wealthy Everton fans Andy Bell and George Downing, who each lent the club £25m as part of the MSP loan, are trying to raise funds for a takeover attempt.
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